The Kangaroo Valley property of bankrupt David Fairfull, the founder of now failed marketing startup Metigy and a former managing partner at We Are Social, has been sold at auction by the liquidators.
The price, a reported $6.25 million, was lower than the $7.7 million paid a year ago, when regional property was peaking.
Liquidators last month sold Fairfull's six-bedroom house at 2 Sirius Avenue, bought by Fairfull for $10.5 million. The price hasn’t been revealed but is understood to have been sold for a premium.
Fairfull bought the two properties with the help of a $7.7 million loan from Metigy, part of $20 million capital raised last year, led by Cygnet Capital and including Regal Funds Management, OC Funds and Five V Venture Capital.
Metigy, the now collapsed machine-led marketing platform, owes an estimated $32,366,606.84, according to the liquidators in documents filed to ASIC.
Simon Cathro and Andrew Blundell of Cathro Partners are continuing to assist corporate regulator ASIC in its investigations.
The liquidators are using the Fair Entitlements Guarantee Scheme (FEG), a legislative safety net scheme of last resort, to pay various employee entitlements.
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